Forterra Announces Rating Upgrade by S&P
05 Octubre 2020 - 6:00AM
Forterra, Inc. (“Forterra” or “the Company”) (NASDAQ: FRTA), a
leading manufacturer of water and drainage infrastructure pipe and
products in the United States and Eastern Canada, today announced
that on October 2, 2020, S&P Global Ratings (“S&P”)
upgraded the Company’s issuer credit rating to B from B-, and
issuer-level ratings on the Company’s term loan and senior secured
notes to B from B-. The outlook remains stable.
Forterra’s Executive Vice President and CFO
Charlie Brown commented, “We are pleased to see the rating upgrade
by S&P following Moody’s upgrade last week. This again reflects
the significant improvements we have made recently as well as the
momentum ahead of us. We will continue to execute on our five
improvement pillars to further expand unit margins, decrease
working capital investments, and use the increased cash flow to
reduce our debt to achieve our leverage target of 3.0-3.5x in the
near term.”
About ForterraForterra is a
leading manufacturer of water and drainage pipe and products in the
U.S. and Eastern Canada for a variety of water-related
infrastructure applications, including water transmission,
distribution, drainage and stormwater systems. Based in Irving,
Texas, Forterra’s product breadth and scale help make it a
preferred supplier for water-related pipe and products, serving a
wide variety of customers, including contractors, distributors and
municipalities. For more information on Forterra, visit
http://forterrabp.com.
Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements may be identified by the use of words
such as "anticipate", "believe", "expect", "estimate", "plan",
"outlook", and "project" and other similar expressions that predict
or indicate future events or trends or that are not statements of
historical matters. Forward-looking statements should not be read
as a guarantee of future performance or results and will not
necessarily be accurate indications of the times at, or by, which
such performance or results will be achieved. Forward-looking
statements are based on historical information available at the
time the statements are made and are based on management's
reasonable belief or expectations with respect to future events,
and are subject to risks and uncertainties, many of which are
beyond the Company's control, that could cause actual performance
or results to differ materially from the belief or expectations
expressed in or suggested by the forward-looking statements.
Some of the risks and uncertainties that could
cause actual results to differ materially from those expressed in
any forward-looking statements include risks and uncertainties
relating to the impacts of the COVID-19 pandemic; the level of
construction activity, particularly in the residential construction
and non-residential construction markets; government funding of
infrastructure and related construction activities; the highly
competitive nature of our industry and our ability to effectively
compete; the availability and price of the raw materials we use in
our business; the ability to implement our growth strategy; our
dependence on key customers and the absence of long-term agreements
with these customers; the level of construction activity in Texas;
energy costs; disruption at one or more of our manufacturing
facilities or in our supply chain; construction project delays and
our inventory management; our ability to successfully integrate
acquisitions; labor disruptions and other union activity; a
tightening of mortgage lending or mortgage financing requirements;
the possibility that HeidelbergCement will dispute the arbitrator’s
recent decision that no earnout payment is owed; compliance with
environmental laws and regulations; compliance with health and
safety laws and regulations and other laws and regulations to which
we and our products are subject to; our dependence on key
executives and key management personnel; our ability, or that of
the customers with which we work, to retain and attract additional
skilled and non-skilled technical or sales personnel; credit and
non-payment risks of our customers; warranty and related claims;
legal and regulatory claims; the seasonality of our business and
its susceptibility to adverse weather; our contract backlog; our
ability to maintain sufficient liquidity and ensure adequate
financing or guarantees for large projects; delays or outages in
our information technology systems and computer networks; security
breaches in our information technology systems and other
cybersecurity incidents and additional factors discussed in our
filings with the Securities and Exchange Commission, including our
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, for
additional information regarding the risks and uncertainties that
may cause actual results to differ materially from those expressed
in any forward-looking statement.
Source: Forterra, Inc.
Company Contact Information:Simon ChenVice President, Treasury
and Investor Relations469-299-9113IR@forterrabp.com
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